Assume that you have a balance of $3000 on your American Express credit card and that you make no more charges on the card. Assume that American Express charges 20.5% APR and that the minimum payment is 2% of the balance each month. Assume also that you make only the minimum payments. Make a spreadsheet listing the items below for each month until the payment drops below $50. (Round your answers to the nearest cent.)

Assume that you have a balance of $3000 on your American Express credit card and that you make no more charges on the card. Assume that American Express charges 20.5% APR and that the minimum payment is 2% of the balance each month. Assume also that you make only the minimum payments. Make a spreadsheet listing the items below for each month until the payment drops below $50. (Round your answers to the nearest cent.) Previous Minimum Finance New Month balance payment Purchases charge balance 1 $ $ $0.00 $50.23 $ 2 $ $ $0.00 $50.06 $ 3 $ $ $0.00 $49.90 $ : 56 $2507.06 $ $0.00 $41.97 $ 57 $ $0.00 $41.84 $